When NFT meets Musk, NFT: beg off!

Not surprisingly, the market collapsed as expected, collapsed with such sourness.

When NFT meets Musk, NFT: beg off!

As expected, the market collapsed as expected, collapsed such a sour. From a number of animal coins, to food coins, and then to take the mainstream coins, without exception, “fell in a pool of blood”. And all this, really can not be separated from the Tesla CEO Musk’s “work”.
On May 13, “shouting single big brother” Musk suddenly announced in social media, Tesla has called a halt to the use of bitcoin to buy cars. The reason is that “Bitcoin mining and trading is costing the environment a lot.”

Although he also said that Tesla would not sell any bitcoins, it did not stop the pace of bitcoin’s decline. Influenced by Musk, bitcoin dived more than $3,000 in just 40 minutes or so, falling as low as $51,600, a percentage drop of nearly 6 percent and more than $6,000 from its intraday high.

Musk’s phrase, the earthquake. The ripple effect was so wide that it reached the entire cryptocurrency circle. Many people woke up, consciousness has not yet awakened, but ushered in the head, assets seriously shrunk.

In fact, not only this time, but also in the past, the dog coin’s ups and downs are mostly related to Musk. It can be said that Musk shouted once up once, Diss once down once. He has become the “god” who dominates the cryptocurrency world.

On the eve of the arrival of the era of NFT, everything can be NFT. The combination of Musk and NFT has also created a lot of sparks.

When NFT meets Musk, NFT: beg off!

Always in the forefront of trends, he seems to be obsessed with tweeting NFT and sells his tweets on the NFT trading platform almost every day.

On March 16, he then posted a tweet about electronic music and claimed to be selling it as an NFT. The tweet reached 625.64 ETH at one point on the NFT auction platform website v.cent.co.

And before that, Musk’s girlfriend Grimes even auctioned off the song in NFT form for nearly $6 million in just 20 minutes.

In any case, the celebrity effect under the NFT, it is natural to ride on the “fire” of the wind.

Driven by the high-priced crypto paintings of Musk, Twitter CEO Jack Dorsey and artist Beeple, NFT has almost become one of the hottest capital entrances and has received significantly more attention than DeFi, which has been in the limelight for some time.

If making profits from the volatility of the market is the code for wealth creation, then the long-term value of NFT is the source of wealth.

Two days ago investors were still lamenting that mainstream coins are worse than dogs and pigs, yet with the animal coins’ waist and foot chopping, mainstream coins have more or less won back some self-respect, though not yet that decent.

However, regardless of how the market moves, wise investors still make a lot of wealth. In contrast, we focus on NFT and should focus more on its application scenario or long-term value.

In the past two days, some people have started to diss Musk, feeling that he alone has disturbed the “decentralization” of the cryptocurrency world, and that even Bitcoin, the strongest consensus, is dancing under Musk’s baton. At the same time, we are advised to be wary of the spread of the “Musk Cult”.

When NFT meets Musk, NFT: beg off!

It is undeniable that NFT has become a celebrity from a niche to a popular “internet sensation”, not only because of the celebrity effect of Musk and others, but also because it is an innovative application scenario for cryptocurrency development.

Although NFT is popular in auction houses, it is far more than that, and NFT art auction items are only the tip of the iceberg of its massive applications. Its real value lies in giving “uniqueness” to things that can be found everywhere in life, thus generating “artistry” and “transaction value”. Like Pop Art, one of the outstanding representatives of 20th century hedonistic culture, it combines “artistry” and “commerce”.

In this regard, NFT is the pop art of the blockchain era. The difference is that Pop Art has gradually deviated under the manipulation of art investors. NFT, on the other hand, is bringing tangible benefits to the real creators.

As a blockchain asset associated with digital art, everything is NFT-able, including images, audio, video, and other formats. Assuming you want to NFT your own photos is also possible. Each NFT has a distinctive ID and covers areas such as artwork, collectibles, DeFi, games, virtual spaces, sports pages, and public facilities. It can be benchmarked against real estate, cultural works and art collections, and can reflect the value of abstract objects.

When NFT meets Musk, NFT: beg off!

Without NFT, all of this would be unthinkable.

Although the current application area of NFT is only focused on crypto artwork, the NFT market is full of potential, and along with the influx of capital, it will certainly release a huge market value, and NFT may have the potential to become the largest asset class in the blockchain field.

However, although the NFT market is very hot now, there are undeniably some problems. For example, lack of users, shortage of assets, lack of infrastructure, difficulty in pricing, liquidity woes, difficulty in getting fiat money in and out, etc.

In addition, with the rapid gathering of NFT-related capital, the security of NFT has also raised concerns. Nifty Gateway, a digital art platform trading platform acquired by the Winklevoss twin brothers, founders of the Gemini trading platform, reportedly said that some users of its platform had their credit cards stolen after purchasing NFT, and some users said they lost more than $150,000 worth of NFT.

The road ahead for NFT is long, but if celebrities can influence the positive development of an industry just by themselves, in that case, it seems to be deviating from the original intention of the blockchain world, then, please let go!

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/when-nft-meets-musk-nft-beg-off/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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